1) Authorized shares are not Outstanding shares.
2) There is a potential 5:1 dilution of the current OS, so count on the market knocking this down hard.
3) Existing shareholders will be further abused. a) a 5:1 adjustment from today's sp, puts the value at .0014, so the company is looking to get about 8B x .007 through .0014, as price drops or over $11.2M for, I assume, continuing operations.
4) Getting the money from new investors should allow them to avoid the onerous financing rates they have been paying.
5) It appears that the Nasdaq plan, with it's new funding through IPO share offering, has been abandoned in favor of staying on the OTC.
6) The OS count is ~1.8B, so take note of the following copied from the Articles of Incorporation, which would indicate that corporate owners account for over half, or 900M, of those shares, so no shareholder vote is required:
"SECOND: That in lieu of a meeting and vote of the stockholders, the Corporation’s stockholders holding a majority of the outstanding voting power of the Corporation’s capital stock have given written consent approving this Certificate of Amendment in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware."
I have been saying that shares are being consolidated by a smaller number of buyers for a while.
I will find a good exit point on the next trading day and may pick it up cheaper later. GLTA!
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